Growth capital accounted for 55.8% of private debt deals in the first half of 2024
Ardian has refinanced the debt of Arche MC2 Group, a French medico-social software publisher for social care, formed through the merger of Medisys and Cityzen in March 2021.
The unitranche facility will refinance existing debt and includes a dedicated line of credit to finance external growth.
French private equity firm Activa Capital invested in Medisys in April 2019 through its €200mn ($217.2mn) Activa Capital Fund IV, before it merged with Cityzen and became Arche MC2 Group.
Paris-headquartered Ardian is active in European healthcare refinancing, arranging unitranche facilities for medical imaging group Resonance Imagerie, veterinary clinics operator Sevetys, and care home business EMVIA Living since 2021, according to Preqin data.
July 26, 2024 (Preqin News) – Private debt facilities are used to finance a number of different corporate activities. Of the 231 private debt deals in H1 2024, where the use of capital was recorded on Preqin Pro (out of a total of 381 recorded deals), 25 were for recapitalization or restructurings, 77 were to finance buyouts of private or public companies, 129 were for growth or acquisitions, and one was for restructuring.
The four Ardian private debt deals listed above were all growth investments. The new financing for Resonance Imagerie was to complete three new acquisitions and bring in 17 new MRIs and scanners. The €109mn ($118.4mn) deal for Sevetys supported the acquisition of 50 additional veterinary clinics in France, and the debt facility for EMVIA living supported the company’s expansion plans.
Growth capital dominates private debt deal-making this year
Number of private debt deals by type, H1 2024
Source: Preqin Pro. Data as of July 2024
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